BitMine Immersion (NYSE: $BMNR), the Bitcoin miner turned treasury company run by investor Tom Lee, is buying the dip in Ethereum (CRYPTO: $ETH) as its price falls sharply.
On Nov. 24, BitMine bought another $200 million U.S. worth of Ethereum, bringing its total holdings to more than $10 billion U.S, equivalent to 3% of the entire ETH token supply.
The firm has a stated goal to own 5% of the entire supply of Ethereum.
The buying comes after the crypto market experienced its biggest ever leverage wipeout, sending crypto prices plummeting.
Ethereum’s price has fallen 35% since Oct. 10, while Bitcoin (CRYPTO: $BTC) has dropped around 30%.
Tom Lee, the chair of BitMine, remains bullish on crypto and says he expects a reversal of the current bearish trend before year’s end.
Lee recently forecast that Ethereum’s price could reach $7,000 U.S. by the end of this year. ETH is currently trading at $2,900 U.S., having fallen below the key support level of $3,000 U.S.
After BitMine’s latest purchase, its average price paid per Ethereum token is $2,840 U.S., close to the cryptocurrency’s current price.
ETH is down 13% on the year. BMNR stock has gained 344% in 2025 to trade at $31.10 U.S. per share.
